HOW TO START A PHARMACY STORE BUSINESS IN NIGERIA
A pharmacy store business is actually one of the really popular businesses in the country today. It has been around for quite some time though it’s not really common in some places even till date. Usually, drugs are to be gotten from pharmacy stores in an hospital but with them as close as in residential places, individuals can easily get drugs without having to get to hospitals which could even be in far distances from the residential area. It is a welcome business option in any residential place and is even a lucrative business that can earn individuals who start them with a good amount of income if all things are properly put in place.
The pharmacy store is just a place where drugs are sold and medical advice can be given by professionals. It is simply a drug store as drugs are the main things sold in them though some of these stores now add some extra things just as a means of getting extra income to their pockets. The pharmacy store business helps individuals easily get drugs in their neighborhood without going too far for the drugs. The store is mostly run by a pharmacist. A pharmacist is a medical professional who dispenses prescription drugs in a hospital or retail pharmacy. Being a pharmacist requires getting an educational qualification in that field of study.
Like I’ve mentioned, drugs used to be thing that you would most likely get at a clinic or hospital. Hospital usually have pharmacies where drugs are sold and from there individuals can get what they want. The idea of bringing this kind of store close to individuals is simply to help them get whatever drug it is they want that must’ve been prescribed by a doctor. Also, in pharmacies, individuals can go in for medical advice about whatever condition they have and the medical professional, pharmacist, can explain to them what’s going on and even prescribe a drug to help deal with it. The retail store simply helps individuals get prescribed drugs without too much stress of going to a distant hospital.
The business is a really good idea and is usually a welcome idea in many areas, most especially places where pharmacies are not really popular or where there are no such pharmacy stores in place. They have a high demand which translates to high amount of income, making it a good business option. You’re almost so sure to make your profit and also be successful especially if you’re setting up in a new place. One thing most individuals would rather prefer is a close place where they can just get what they want than having to go to a far distance to get the drugs. This is mostly comfortable for individuals and if there’s one thing consumers are always looking for, it’s comfortability.
The business can also be started by almost anyone as long as they’re prepared for what the business entails and they’re also ready to stay committed to the business. I know I said majority of pharmacy stores are run by pharmacists and it’s also of common belief that only pharmacists can have a pharmacy or drug store. But the thing is that, there is actually an option for setting up and starting the business even without being a pharmacist. As a pharmacist, the business is fairly easy to start and you almost have no issues at all in starting once the capital is ready. For a non pharmacist, you can simply team up with a pharmacist to start up the pharmacy store. You can either employ the pharmacist or have the person work with you in bringing up the business.
Being a pharmacist requires years of study and isn’t just something you can learn by going online or watching videos. It’s different and is a course studied in universities even in the country. Starting the business is not a difficult thing to do regardless of whichever way you’ll be starting. It doesn’t require much and is simply a good business to start. The capital will depend on the amount of things you want to have in the shop. A large drug store will need an high amount of capital while the small one will not need too much. It’s lucrative and will definitely bring in good income especially if there are no competitors around.
In the next sub heads, I’ll be discussing the steps involved in starting a pharmacy store in Nigeria and some of the neccesary factors that might prove useful during the course of the business and to also ensure that you make good amount of profits and you’re also successful at the business you’re starting.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
- WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
- CAPITAL AND LOCATION
The need for capital for the start of a business cannot be overemphasized. It is a really important factor and without it you cannot even start up the said business. Capital is what will be used to get a number of things that will be used for the business and one of the things needed is the location. You’ll definitely need a location for this business and it is there the drugs will be sold. You’ll need to get a good place where pharmacy stores are not really common or where there are even none at all. Also check for competitors and ensure you’re not close to anyone. You’ll also need to get registered and receive a license from the appropriate regulatory authority.
- GETTING THE DRUGS
This is the point where the business is about to start. You’ll need to get the drugs you’ll be selling for the business. It’s the main point of the business and without it, there won’t even be a pharmacy. You can get a registered and licensed supplier for the drugs and you can also partner with an hospital to get your drugs. Whichever way, ensure you’re getting the right drugs. If you won’t be able to run the store all by yourself, you can get workers who can help with that. You don’t really need too many people, infact just one person might be enough depending on the capacity of the store. If you’re not a pharmacist and you’ll also be partnering with one, this will be the right time to get one if you’ve not already gotten.
You can make use of banners and posters placed in front of the pharmacy store and also some areas in the place where you’re located. Word of mouth and referrals also play a huge role in getting customers.